Chillers Market Predicted Robust Growth till 2028 with Focus on Energy-Efficient Innovations and Expansion in Asia-Pacific Region

Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Chillers Global Market Report 2024" report has been added to's offering.

Global Market Insights Reflect Significant Developments and Forecasted Trends in the Chillers Industry, Including Advancements in Technology and Increasing Demand in Emerging Markets

The latest comprehensive analysis on the Chillers Global Market has been released, offering an in-depth look at the vital role chillers play in various industrial, commercial, and residential settings. The report provides a detailed perspective on the market size, growth trajectory, and the significant trends shaping the industry from a global viewpoint.

According to the analysis, the chillers market is set to achieve continuous growth with the market size expected to rise from $9.04 billion in 2023 to $11.68 billion in 2028, at a compound annual growth rate (CAGR) of 5.5%. The report reveals key insights into the market's expansion, driven by factors such as increasing urbanization, construction of commercial buildings, burgeoning food and beverage industry, and rising demand for energy-efficient cooling solutions.

An Exclusive Overview of Chiller Market Dynamics

  • Segmentation by chiller type, covering air-cooled and water-cooled chillers.
  • Insights on various compressor types, including screw, centrifugal, absorption, and reciprocating chillers.
  • Analysis of chillers based on power range, from less than 50 kW to more than 200 kW.
  • Deep dive into applications across commercial, industrial, and residential spaces.

The upswing in global megacity development and industrial activities emphasizes the necessity for advanced chillers to provide efficient cooling solutions, particularly addressing the heightened focus on sustainability and energy efficiency. The move towards low-GWP refrigerants and smart integration aligns with global environmental goals and regulatory standards, highlighting significant market trends.

Emerging technologies such as modular and scalable chiller systems, predictive analytics, and heat recovery solutions for cogeneration present substantial growth opportunities for industry players. The report unveils several advancements, including the development of high-efficiency water chillers and the rise of gas and electric hybrid chiller systems, which offer energy-efficient alternatives in the current market landscape. The need for adaptability and proficiency in managing cooling loads further drives innovation among key market players.

Strategic acquisitions noted within the chillers market are reshaping the competitive scene and expanding companies' bandwidth to innovate and grow. The report provides a case study on a recent acquisition by Piovan Group, which significantly increased the company’s footprint in the North American market and contributed to enhanced chiller manufacturing capabilities.

The Regional Market Analysis

segment of the report highlights the Asia-Pacific region as the dominant force in the chiller market, with comprehensive coverage on a country-wise analysis for an increased understanding of regional market forces. The insights into the specific needs and trends of the Asia-Pacific market unlock potential avenues for stakeholders in the chillers industry.

Major players in the chillers market covered in the report include Carrier Corporation, Daikin Industries Ltd., and Johnson Controls International PLC, among others. These companies are pivotal in steering the market's direction through innovative product offerings and strategic market initiatives.

In summary, it is evident that the chillers market is poised for substantial growth and transformation, propelled by advancements in technology, increasing demand in emerging markets, and a continued focus on energy-efficient and sustainable solutions.

The report aims to equip market participants with essential insights to navigate the dynamic landscape of the chillers industry and capitalize on the emerging opportunities presented by these developments.

A selection of companies mentioned in this report includes

  • Carrier Corporation
  • Daikin Industries Ltd.
  • Trane Technologies plc
  • Hitachi Air Conditioning Company Ltd.
  • Johnson Controls International plc
  • Thermax Limited
  • Smardt Chiller Group Inc.
  • Mitsubishi Electric Corporation
  • Midea Group Co. Ltd.
  • LG Electronics Inc.
  • Reynold India Pvt. Ltd.
  • Dimplex Thermal Solutions
  • Dunham-Bush Ltd.
  • Frigel Firenze SpA
  • Friulair S.R.L.
  • HYDAC International GmbH
  • Thermal Care Inc.
  • SKM Air Conditioning
  • Meccanotecnica Applicata S.r.l.
  • KKT Chillers
  • Glen Dimplex Thermal Solutions
  • Delta T Systems Inc.
  • Chase Cooling Systems
  • TopChiller
  • CAREL UK Ltd.
  • Thermo Fisher Scientific Inc.
  • Thermionics Corporation
  • Welkin Solutions
  • Frost Italy S.r.l.
  • Cold Shot Chillers
  • York International Corporation
  • McQuay International
  • Multistack LLC
  • Airedale International Air Conditioning Ltd.
  • Blue Star Limited
  • Gesellschaft für Entstaubungsanlagen Group AG
  • Danfoss A/S
  • Climaveneta S.p.A.
  • Lennox International Inc.

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